The FTSE is now quoted at 4416: intraday momentum is pointing north (on 1 and 2 hour time frames) at the moment and we can sort of detail a minor ascending trendline on the charts (in red).
There is an ambush long zone in the 4380s to the 4390s, and momentum is somewhat failing on the shortest intraday chart I use (15 minutes). Let's see if we get a pullback at the open and find strength somewhere.
I am on the sidelines for now. Right now I can't shake the bearish bias off given the formation we have and the momentum on daily and longer time frame intraday charts. If I trade I will continue to be extremely cautious in terms both of size and stop loss until we break out of this 200 point range we have been in for the past month.
